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Longer-term tenancies beneficial to both landlords and tenants

As demand for rental property grows, landlords can minimise the risk of void periods with longer-term tenancies

With strong seasonal demand for rental properties in the capital, there is a trend towards both landlords and tenants seeking long-term letting agreements.

With fierce competition for rental properties, growing numbers of tenants are looking for longer agreements so they can secure accommodation for the next 18-24 months. At the same time, landlords are keen to agree longer-term tenancies as it results in fewer void periods.

Many landlords can use long-term letting agreements to prevent tenancies from coming to an end at a time when demand is usually low, such as in the winter months. It is far preferable for tenancies to end during the peak summer months when there is greater demand for rental property.

Longer tenancies can also allow for greater financial planning for landlords by giving them greater stability and a longer-term picture of their future rental income.

Stephen Ludlow, Chairman of ludlowthompson says: “Longer tenancies can give both landlords and their tenants peace of mind.”

“As well as being able to keep good tenants in place for longer, landlords have a guaranteed income stream and fewer void periods, while tenants have the stability of securing their property over a longer term.”

“By managing tenancies to end in months when demand is high, landlords can use longer-term lets to avoid Christmas void periods when demand is seasonally low.”

“With large numbers of graduates coming to London, the autumn months are a great opportunity for landlords to get tenants in place and secure long-term rental income."

Longer tenancies can give both landlords and their tenants peace of mind.